The Open Property Data Association (OPDA) has launched the latest version of its property data standards framework so that its data tools are “free and shareable” across the sector.
OPDA said that the current homebuying process is “notoriously slow” partially due to the vast majority of data being non-digital.
It said that changing all property data sources and documents to a digital format and making it shareable through data standards was essential to facilitate the transition to digital property transactions.
The property data trust framework is a standardised set of data and governance principles, and the toolkit includes a common data dictionary, a standardised way to describe property attributes and a methodology for sharing data with trust and provenance attached.
The version is available to the entire property industry and its software providers.
The latest version has been updated to be compliant with the latest National Trading Standard material information, maps to various regularly used forms including Buying and Selling Property Information, Law Society Transaction Forms, Property Information Questionnaire and Royal Institute of Chartered Surveyor (RICS) forms.
It can be mapped onto the updated version of the Rightmove automated data feed so property listings can be easily verified as compliant and data can be shared with customer relationships management systems portals and the seller’s conveyancer can be instructed at the point of listing.
Future extensions of the framework will include upgraded tools for mortgage advisers, buyers’ conveyancing and lending use cases.
Dale Jannels, CEO of One Mortgage System and OPDA member, said: “It’s great to see the property data trust framework used and available for all. OMS is fully behind the use of the new framework structure which will be of benefit to the end consumer in both speed and ease of buying a property. I’m excited to see how this evolves throughout 2024 and beyond.”
Ed Molyneux, CTO of pioneering proptech firm Moverly, an OPDA member, added: “Open data standards are fundamental to a successful transition to digital property transactions. Now that National Trading Standards Parts B and C have been published, listing properties becomes significantly easier using digital property data.
“Most transactions will get underway digitally by default. Ensuring this data is properly provenanced so it can be safely re-used is critical, and that’s where the framework really shines. At Moverly we’re really on board with the framework and the new version of the structure.”
Anna is a reporter for Mortgage Solutions and assistant editor for Specialist Lending Solutions, both B2B sister titles of YourMoney.com. She has worked as a journalist for over four years, initially in the specialty insurance sector before moving onto mortgages.